新思科技 (SNPS) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Synopsys Earnings Conference Call for Fourth Quarter of Fiscal Year 2021. (Operator Instructions) Today's call will last 1 hour. 5 minutes prior to the end of the call, we will announce the amount of time remaining in the conference. As a reminder, today's call is being recorded.

女士們，先生們，感謝您的支持，歡迎參加 Synopsys 2021 財年第四季度收益電話會議。（操作員說明）今天的電話會議將持續 1 小時。通話結束前 5 分鐘，我們將公佈會議剩餘時間。提醒一下，今天的電話正在錄音中。

At this time, I'd like to turn the conference over to Lisa Ewbank, Vice President of Investor Relations. Please go ahead.

在這個時候，我想把會議交給投資者關係副總裁 Lisa Ewbank。請繼續。

Thank you, Kerry. Good afternoon, everyone. With us today are Aart de Geus, Chairman and Co-CEO of Synopsys; and Trac Pham, Chief Financial Officer.

謝謝你，克里。大家下午好。今天和我們在一起的是新思科技董事長兼聯合首席執行官 Aart de Geus；和首席財務官 Trac Pham。

Before we begin, I'd like to remind everyone that during the course of this call, Synopsys will discuss forecasts, targets and other forward-looking statements regarding the company and its financial results. While these statements represent our best current judgment about future results and performance as of today, our actual results are subject to many risks and uncertainties that could cause actual results to differ materially from what we expect. In addition to any risks that we highlight during the call, important factors that may affect our future results are described in our most recent SEC reports and today's earnings press release.

在開始之前，我想提醒大家，在本次電話會議期間，新思科技將討論有關公司及其財務業績的預測、目標和其他前瞻性陳述。雖然這些陳述代表了我們目前對截至今天的未來結果和業績的最佳判斷，但我們的實際結果受到許多風險和不確定性的影響，可能導致實際結果與我們的預期存在重大差異。除了我們在電話會議期間強調的任何風險外，我們最近的 SEC 報告和今天的收益新聞稿中還描述了可能影響我們未來業績的重要因素。

In addition, we will refer to non-GAAP financial measures during the discussion. Reconciliations to their most directly comparable GAAP financial measures and supplemental financial information can be found in the earnings press release, financial supplement and 8-K that we released earlier today.

此外，我們將在討論期間參考非公認會計準則財務指標。可以在我們今天早些時候發布的收益新聞稿、財務補充和 8-K 中找到與其最直接可比的 GAAP 財務指標和補充財務信息的對賬。

All of these items, plus the most recent investor presentation, are available on our website at synopsys.com. In addition, the prepared remarks will be posted on the site at the conclusion of the call.

所有這些項目，以及最新的投資者介紹，都可以在我們的網站 synopsys.com 上找到。此外，準備好的評論將在通話結束時發佈在網站上。

And with that, I'll turn the call over to Aart de Geus.

有了這個，我會把電話轉給 Aart de Geus。

Good afternoon. I'm happy to report that Synopsys delivered another record year, substantially exceeding our original goals. We grew revenue 14% to $4.2 billion, with double-digit growth in all product groups and geographies. We substantially expanded our non-GAAP operating margin with more than 20% earnings growth and generated record cash flow of $1.49 billion. In addition, disruptive innovation and collaborations accelerated our momentum as a number of large customers significantly expanded their commitments with Synopsys as visible in an outstanding orders year. As a result, we enter fiscal 2022 with momentum.

下午好。我很高興地報告說，新思科技又實現了創紀錄的一年，大大超過了我們最初的目標。我們的收入增長了 14%，達到 42 億美元，所有產品組和地區都實現了兩位數的增長。我們以超過 20% 的盈利增長大幅擴大了我們的非公認會計原則營業利潤率，並創造了創紀錄的 14.9 億美元的現金流。此外，顛覆性創新和合作加速了我們的發展勢頭，因為許多大客戶顯著擴大了他們對 Synopsys 的承諾，這在出色的訂單年中可見一斑。因此，我們以勢頭進入 2022 財年。

Looking forward, we are raising our long-term financial objectives to strong double-digit revenue growth anchored in a step-up in EDA and IP targets, ongoing non-GAAP operating margin expansion and non-GAAP earnings per share growth in the mid-teens range, all of which is driving very strong cash flow. Trac will discuss the financials in more detail.

展望未來，我們正在將我們的長期財務目標提高到強勁的兩位數收入增長，其基礎是提高 EDA 和 IP 目標、持續的非 GAAP 營業利潤率擴張和中期非 GAAP 每股收益增長青少年範圍，所有這些都在推動非常強勁的現金流。 Trac 將更詳細地討論財務狀況。

Underlying our elevated outlook is not only a vigorous market but, just as importantly, a long-term growing demand for Smart Everything in every vertical segment. The enhanced technical challenges powering this new era are well aligned with Synopsys' strength. Specifically, the Smart Everything era brings together massive amounts of data with the new wonders of machine learning software. Combined with a metaverse outlook of human machine interaction, the role of chip-centric electronic systems has enormous potential. This requires highly complex semiconductor chips with massive compute capability, evolving semiconductors from system on a chip to tightly integrated systems of chips and increased need for security and safety across software and hardware; that is, across the entire system.

在我們提升前景的基礎上，不僅是一個充滿活力的市場，而且同樣重要的是，每個垂直領域對 Smart Everything 的長期增長需求。為這個新時代提供動力的增強技術挑戰與 Synopsys 的實力完全一致。具體來說，Smart Everything 時代將海量數據與機器學習軟件的新奇蹟結合在一起。結合人機交互的虛擬世界觀，以芯片為中心的電子系統的作用具有巨大的潛力。這需要具有海量計算能力的高度複雜的半導體芯片，將半導體從片上系統發展到緊密集成的芯片系統，並增加對軟件和硬件的安全性和安全性的需求；也就是說，跨越整個系統。

From an economic perspective, new entrants are already designing their own specialized chips. Traditional vertical market leaders are taking on a more active role in influencing chip and system architecture and design. At all levels, investments and urgency are increasing.

從經濟角度來看，新進入者已經在設計自己的專用芯片。傳統的垂直市場領導者在影響芯片和系統架構和設計方面發揮著更積極的作用。在各個層面，投資和緊迫性都在增加。

To deliver on this promise, our customers are transforming the way they approach design. Whether it's processor or mobile teams combining multiple compute storage and connectivity chips together in 3DIC structures or hyperscalers investing in their own chip architectures to increase their cloud differentiation or automotive OEMs dictating specific safety protocols or financial services companies inserting security testing into their development processes, all are driven by the urgency of the economic opportunity and the need for strong partners to master the complexity of the tasks. Synopsys connects with all of these and is uniquely equipped to help catalyze this new era.

為了兌現這一承諾，我們的客戶正在改變他們處理設計的方式。無論是處理器或移動團隊將多個計算存儲和連接芯片組合在 3DIC 結構中，還是投資於自己的芯片架構以增加其云差異化的超大規模製造商，或規定特定安全協議的汽車 OEM 或將安全測試插入其開發流程的金融服務公司，所有這些經濟機會的緊迫性和強大合作夥伴的需求推動了這些任務的複雜性。 Synopsys 將所有這些都連接起來，並具有獨特的能力來幫助催化這個新時代。

The center of gravity of the technical challenges is the intersection of hardware and software. A chip is only as good as its interaction with the software and vice versa. In other words, the system. This system focus has been at the core of Synopsys innovation for many years and is now fueling mounting customer and business momentum.

技術挑戰的重心是硬件和軟件的交叉點。芯片的好壞取決於它與軟件的交互，反之亦然。換句話說，系統。多年來，這一系統重點一直是 Synopsys 創新的核心，現在正在推動不斷增長的客戶和業務發展勢頭。

Nowhere is systemic complexity more visible than in our IP business. The sophistication of our IP blocks requires reaching deep down into the understanding of the advanced silicon nodes and also high up to the system architecture and software. IP is thus a bellwether of systems leadership as new architectures are increasingly jump-started by selecting the most important IP building blocks and their configuration.

系統複雜性在我們的知識產權業務中最為明顯。我們的 IP 模塊的複雜性需要深入了解先進的矽節點，也需要深入了解系統架構和軟件。因此，隨著新架構越來越多地通過選擇最重要的 IP 構建塊及其配置來啟動，IP 成為系統領導力的領頭羊。

Benefiting from this, we achieved another record year in IP with revenue surpassing $1 billion and growing approximately 20%. This momentum is maintained for 2 reasons. First, continued strong demand to outsource IP as customers need their most skilled resources to focus on the differentiating aspect of their chips. Second, an increasing number of new entrants in segments such as automotive, high-performance compute and AI accelerate their schedule by, whenever possible, selecting complex IP building blocks that are commercially available from a company they trust.

受益於此，我們在 IP 領域又實現了創紀錄的一年，收入超過 10 億美元，增長約 20%。保持這種勢頭有兩個原因。首先，由於客戶需要他們最熟練的資源來專注於其芯片的差異化方面，因此對外包 IP 的需求持續強勁。其次，越來越多的汽車、高性能計算和人工智能等領域的新進入者通過盡可能選擇他們信任的公司提供的商業可用的複雜 IP 構建塊來加快他們的進度。

As the #1 provider of interface, foundation and physical IP, Synopsys is in a unique position to provide complete solutions across multiple key segments. For example, we have the broadest IP portfolio for the fast-growing high-performance compute and data center markets, including PCI Express, HBM3, 400/800 gig Ethernet and many memory interfaces. We also see continued strength in automotive fueled by the electrification of cars, the push to autonomous driving and the explicit demand for higher safety, security and reliability. Our IP has been selected by approximately 50 automotive companies with nearly 500 IP wins to date.

作為接口、基礎和物理 IP 的第一供應商，Synopsys 在提供跨多個關鍵領域的完整解決方案方面處於獨特的地位。例如，我們為快速增長的高性能計算和數據中心市場提供最廣泛的 IP 產品組合，包括 PCI Express、HBM3、400/800 千兆以太網和許多內存接口。我們還看到汽車電氣化、對自動駕駛的推動以及對更高安全性、安全性和可靠性的明確需求推動了汽車行業的持續發展。迄今為止，我們的 IP 已被大約 50 家汽車公司選中，並贏得了近 500 項 IP。

In addition, Synopsys has always driven the leading edge, providing IP and, of course, EDA, on the most advanced process nodes. With the mobile and compute companies, we're deeply engaged at 3-nanometer and had over 250 design wins at 5-nanometer this year.

此外，Synopsys 始終引領前沿，在最先進的工藝節點上提供 IP，當然還有 EDA。與移動和計算公司合作，我們在 3 納米技術方面進行了深入研究，今年在 5 納米技術方面獲得了 250 多項設計勝利。

Let me talk a bit about system verification. Under our Synopsys logo, our tagline states silicon to software. Our unique strength is to sit at the intersection of validating hardware and software or, simply put, verifying that the chips and the system do what was intended. Building on our market-leading VCS chip simulation solution, we were at the forefront of delivering software- and hardware-based prototyping more than a decade ago. Since then, our offering has rapidly gained technical and market leadership.

讓我談談系統驗證。在我們的 Synopsys 徽標下，我們的標語將芯片聲明為軟件。我們的獨特優勢是位於驗證硬件和軟件的交叉點，或者簡單地說，驗證芯片和系統是否符合預期。基於我們市場領先的 VCS 芯片仿真解決方案，我們在十多年前就處於提供基於軟件和硬件的原型設計的最前沿。從那時起，我們的產品迅速獲得了技術和市場領先地位。

2021 was a record hardware year, with strength in both emulation and prototyping. Our solutions sit at the sweet spot of hardware-software co-verification and our emulators are the fastest machines with the highest capacity and the lowest cost of ownership. This year, we increased our differentiation. We introduced application-specific emulation products, ZeBu Empower and ZeBu EP1, that are significantly faster and higher capacity than any competitive solution in the market. Meanwhile, our new HAPS-100 prototyping system now delivers 2x faster performance and 4x better debug, driving accelerated growth. During the year, we achieved multiple competitive wins and significantly broadened our customer base as we added more than 50 new logos and 200 repeat orders.

2021 年是硬件創紀錄的一年，在仿真和原型設計方面都表現出色。我們的解決方案處於軟硬件協同驗證的最佳位置，我們的仿真器是速度最快、容量最大、擁有成本最低的機器。今年，我們增加了差異化。我們推出了特定於應用的仿真產品 ZeBu Empower 和 ZeBu EP1，它們比市場上任何競爭性解決方案都明顯更快、容量更高。同時，我們新的 HAPS-100 原型系統現在提供 2 倍更快的性能和 4 倍更好的調試，推動了加速增長。在這一年中，我們獲得了多項競爭勝利，並顯著擴大了我們的客戶群，因為我們增加了 50 多個新徽標和 200 個重複訂單。

Obviously, at the center of enabling the Smart Everything era sits the promise of AI, which begs the question, what about applying AI to chip design? Today, machine learning enables significant capabilities and runtime advances in all of our key products. About 2 years ago, we delivered a fundamental disruptive technology at a very different magnitude: using AI to automate not just tools but entire design flows. The outcome is remarkable.

顯然，實現智能萬物時代的核心是人工智能的承諾，這就引出了一個問題，將人工智能應用於芯片設計怎麼樣？今天，機器學習在我們所有的關鍵產品中實現了顯著的功能和運行時間的進步。大約 2 年前，我們以完全不同的程度交付了一項基本的顛覆性技術：使用 AI 不僅自動化工具，而且自動化整個設計流程。結果是顯著的。

Our award-winning DSO.ai solution is getting great results on production designs with a rapidly growing number of customer partners. DSO.ai, which stands for design space optimization using AI, does exactly what the name says. It explores many, many design options, learns from them using design and tool data and finds design configurations that a human is unlikely to ever find. Moreover, since design variables such as performance, power, size, yields, reliability and so on, all trade off against each other, DSO.ai can optimize well beyond what the design team can easily fathom.

我們屢獲殊榮的 DSO.ai 解決方案正在與快速增長的客戶合作夥伴一起在生產設計方面取得巨大成果。 DSO.ai 代表使用 AI 進行設計空間優化，正如其名。它探索了許多設計選項，使用設計和工具數據從中學習，並找到人類不可能找到的設計配置。此外，由於性能、功率、尺寸、良率、可靠性等設計變量都相互權衡，DSO.ai 可以進行優化，遠遠超出設計團隊可以輕鬆理解的範圍。

Through this year, results got better and better. Run by our customers on real production designs, DSO.ai has reduced design times from months to weeks with superior performance and power results. One notable example is Samsung, which relied on DSO.ai for multiple complex projects, the most recent being an advanced production design for a new mobile product. Applied at every stage of design implementation, DSO.ai delivered performance well beyond their speed target and substantially reduced power consumption, all while saving weeks of manual effort.

這一年，成績越來越好。 DSO.ai 由我們的客戶在實際生產設計中運行，以卓越的性能和功率結果將設計時間從數月縮短到數週。一個值得注意的例子是三星，它依賴 DSO.ai 進行多個複雜項目，最近的一個是新移動產品的先進生產設計。在設計實施的每個階段應用，DSO.ai 提供的性能遠遠超出了他們的速度目標，並大大降低了功耗，同時節省了數週的人工工作。

Central to DSO.ai's results are the powerful engines underneath it: our Fusion Design Platform. The platform is centered around our Fusion Compiler product, the only solution today to seamlessly integrate market-leading synthesis and place and route, cross-checked and optimized by timing, power and physical sign-off all in a single tool. Fusion Compiler's full flow proliferation and competitive wins increased through the year, including major expansions and competitive displacements. Revenue more than doubled this year.

DSO.ai 成果的核心是它下面的強大引擎：我們的融合設計平台。該平台以我們的 Fusion Compiler 產品為中心，這是當今唯一能夠無縫集成市場領先的綜合和佈局佈線的解決方案，通過時序、功率和物理簽核進行交叉檢查和優化，所有這些都在一個工具中完成。 Fusion Compiler 的全流程擴散和競爭勝利在這一年中有所增加，包括重大擴展和競爭性置換。今年收入翻了一番多。

Seminal to our sustainable differentiation is native integration of our golden sign-off products. As recognized by multiple awards from our foundry partners, our deep collaborations ensure that our mutual customers have well-honed and trusted design flows at the most advanced technologies.

我們可持續差異化的關鍵是我們黃金簽收產品的本地集成。正如我們的代工合作夥伴頒發的多個獎項所認可的那樣，我們的深入合作確保我們共同的客戶在最先進的技術上擁有經過精心打磨和值得信賴的設計流程。

In addition to a continued push for smaller geometries, the Smart Everything hunger for much more compute, storage and data management is so high that the economics of physically abutting and stacking multiple chips or chiplets is driving a push towards so-called 3DIC design. This brings about many challenges, including architecting how to partition into multiple chiplets, making the connections between the chiplets blindingly fast and predicting and dissipating the heat of so much computation.

除了繼續推動更小的幾何形狀之外，Smart Everything 對更多計算、存儲和數據管理的渴望是如此之高，以至於物理上鄰接和堆疊多個芯片或小芯片的經濟性正在推動向所謂的 3DIC 設計的發展。這帶來了許多挑戰，包括構建如何劃分為多個小芯片、使小芯片之間的連接速度極快以及預測和消散如此多計算的熱量。

Synopsys is at the forefront of this emerging wave. In 2020, we introduced 3DIC Compiler, which offers a modern differentiated approach to this complex design challenge. Our solution is being deployed in production and cutting-edge 3DIC designs in the industry.

Synopsys 處於這一新興浪潮的最前沿。 2020 年，我們推出了 3DIC 編譯器，它為這一複雜的設計挑戰提供了一種現代的差異化方法。我們的解決方案被部署在行業中的生產和尖端 3DIC 設計中。

Another new era showing great promise is our Silicon Lifecycle Management Platform, which monitors, analyzes and optimizes chips throughout their life span. The adoption of key sensor IP accelerated during this year with 25 new logos, and we recently added AI-powered real-time system optimization for infield applications with the acquisition of ConcertIO.

另一個顯示出巨大希望的新時代是我們的矽生命週期管理平台，它可以在芯片的整個生命週期內監控、分析和優化芯片。今年，關鍵傳感器 IP 的採用加速了 25 個新徽標，我們最近通過收購 ConcertIO 為內場應用添加了人工智能驅動的實時系統優化。

With the increase in systemic complexity to deliver Smart Everything, security and safety is a rapidly growing theme from chips to application software. About 7 years ago, we invested in software integrity to provide security and quality testing for the massive amounts of software in today's world. Synopsys has since built the broadest portfolio of products and consulting services in the market. This year, we were recognized for the fifth year in a row as a leader in the Gartner Magic Quadrant for application security testing.

隨著提供 Smart Everything 的系統複雜性增加，從芯片到應用軟件，安全性和安全性是一個快速增長的主題。大約 7 年前，我們投資於軟件完整性，為當今世界上的大量軟件提供安全和質量測試。此後，Synopsys 建立了市場上最廣泛的產品和諮詢服務組合。今年，我們連續第五年被評為 Gartner 應用安全測試魔力像限的領導者。

Benefiting from the operational enhancements we've made, our Software Integrity business achieved 10% growth for the full year, with particularly strong order flow, exceeding our original expectations. We expect to return to our 15% to 20% revenue growth objective in 2022.

受益於我們所做的運營改進，我們的軟件完整性業務全年實現了 10% 的增長，訂單流尤其強勁，超出了我們最初的預期。我們預計將在 2022 年恢復到 15% 至 20% 的收入增長目標。

During the year, our focus has been to scale our go-to-market strategy and execution. We launched our new partner program this year, adding dozens of channel partners and systems integrators. They're already expanding our reach into customer groups and geographies that we hadn't reached in the past. We successfully refined our sales structure and tuned our market priorities. One proof point is the substantial growth of multiyear, multimillion-dollar agreements. This notably includes our largest-ever Software Integrity order with a U.S. hyperscaler as well as significant renewals in the networking, airline and enterprise software segments.

在這一年中，我們的重點一直是擴大我們的上市戰略和執行。我們今年推出了新的合作夥伴計劃，增加了數十家渠道合作夥伴和系統集成商。他們已經將我們的業務範圍擴展到了我們過去未曾觸及的客戶群體和地區。我們成功地優化了我們的銷售結構並調整了我們的市場重點。一個證明點是多年、數百萬美元的協議的大幅增長。這尤其包括我們與美國超大規模企業的有史以來最大的軟件完整性訂單，以及網絡、航空公司和企業軟件領域的重大更新。

We also made considerable progress with our Polaris Software Integrity Platform. We delivered Intelligent Orchestration, which automates security testing within a company's specific protocols. This makes it easier and more efficient to integrate directly into their development pipeline. We enhanced our Black Duck software composition analysis solution, which positions us very well for software supply chain risk cases. Finally, the addition of risk management products that automate and accelerate discovery and remediation of software vulnerabilities through Code DX rounds out our solution well beyond what competitors provide.

我們的 Polaris 軟件完整性平台也取得了長足的進步。我們提供了智能編排，它可以在公司的特定協議中自動進行安全測試。這使得直接集成到他們的開發管道中變得更容易、更高效。我們增強了 Black Duck 軟件組成分析解決方案，這使我們在軟件供應鏈風險案例方面處於非常有利的地位。最後，通過 Code DX 添加的風險管理產品可以自動化和加速軟件漏洞的發現和修復，這使我們的解決方案遠遠超出競爭對手提供的解決方案。

In summary, we delivered excellent results in 2021, substantially greater than our original plan with strength in all product groups and all geographies. We're entering 2022 with strong technical and market momentum. We are seeing significantly expanded customer commitments and collaborations as our wave of innovations will be crucial to help catalyze the era of Smart Everything. And as a result, we are raising our long-term financial objectives.

總而言之，我們在 2021 年取得了優異的成績，大大超過了我們在所有產品組和所有地區的原計劃。我們正以強勁的技術和市場勢頭進入 2022 年。我們看到客戶承諾和合作顯著擴大，因為我們的創新浪潮對於幫助催化萬物智能時代至關重要。因此，我們正在提高我們的長期財務目標。

Let me say thank you to our entire Synopsys staff for another great year. I'm looking forward to an exciting journey into our next phase of growth.

讓我對我們全體 Synopsys 員工表示感謝，他們又度過了美好的一年。我期待著進入下一個增長階段的激動人心的旅程。

Finally, I'm sure you all saw our other news earlier today that our CFO, Trac Pham, has decided to retire in fiscal 2022. Trac has been a wonderful partner and excellent leader. And while we understand and support his desire to prioritize time with his family, we will miss him. He will, of course, remain a good friend to the company and to all of us personally. Trac will stay with Synopsys until a successor is in place to ensure a seamless transition. Trac, to you and your family, we wish the very best.

最後，我相信你們今天早些時候都看到了我們的其他消息，我們的首席財務官 Trac Pham 已決定在 2022 財年退休。Trac 一直是出色的合作夥伴和出色的領導者。雖然我們理解並支持他優先考慮與家人相處的願望，但我們會想念他。當然，他仍將是公司和我們所有人的好朋友。 Trac 將留在 Synopsys，直到繼任者到位以確保無縫過渡。 Trac，對您和您的家人，我們祝愿一切順利。

And with that, I'll turn it over to Trac.

有了這個，我會把它交給 Trac。

Thanks, Aart. Good afternoon, everyone. While I'm looking forward to retirement, I will certainly miss the Synopsys team and also the relationships I have developed over the years with investors and analysts. Synopsys is in a great position. So this is a good time for me to step away from a long fulfilling career to prioritize time with my family. I'm confident in the leadership team, and I will manage the transition well. I'll be here for a while still, and I look forward to talking to many of you.

謝謝，阿爾特。大家下午好。雖然我期待退休，但我肯定會想念 Synopsys 團隊以及我多年來與投資者和分析師建立的關係。 Synopsys 處於有利地位。所以現在是我離開漫長而充實的職業生涯的好時機，可以優先考慮與家人在一起的時間。我對領導團隊充滿信心，我會很好地管理過渡。我還會在這裡待一段時間，我期待與你們中的許多人交談。

Turning to our results. FY '21 was an excellent year and featured record results in all key metrics, including revenue, non-GAAP earnings and operating cash flow. Looking to FY '22 and beyond, we have seen a step-up in revenue growth due to the following: first, strong execution and compelling new innovations; second, expanding customer commitments; and third, the new market era and opportunity that Aart referred to earlier.

轉向我們的結果。 21 財年是出色的一年，在所有關鍵指標上都取得了創紀錄的成績，包括收入、非 GAAP 收益和運營現金流。展望 22 財年及以後，由於以下原因，我們看到了收入增長的加快：首先，強大的執行力和引人注目的新創新；第二，擴大客戶承諾；第三，Aart之前提到的新市場時代和新機遇。

Additionally, because of the essential nature of our customers' R&D priorities and our business model, which results in nearly 90% recurring revenue and significant noncancelable backlog, we are in the position to have a high level of stability as well. Ending backlog for Q4 was $6.9 billion. These dynamics give us the confidence to raise our long-term financial objectives, which I'll describe in greater detail momentarily.

此外，由於我們客戶的研發重點和我們的商業模式的本質，導致近 90% 的經常性收入和大量不可取消的積壓，我們也處於高度穩定性的位置。第四季度的結束積壓為 69 億美元。這些動態使我們有信心提高我們的長期財務目標，我將稍後更詳細地描述。

First, some highlights of our full year 2021 results. We generated total revenue of $4.2 billion, up 14% from the prior year with double-digit growth across all products and geographies. Total GAAP costs and expenses were $3.5 billion, and total non-GAAP costs and expenses were $2.9 billion, resulting in a non-GAAP operating margin of 30.5%. GAAP earnings per share were $4.81, and non-GAAP earnings per share were $6.84, up 23% over the prior year.

首先，我們 2021 年全年業績的一些亮點。我們創造了 42 億美元的總收入，比上一年增長 14%，所有產品和地區均實現了兩位數的增長。 GAAP 總成本和費用為 35 億美元，非 GAAP 總成本和費用為 29 億美元，非 GAAP 營業利潤率為 30.5%。 GAAP 每股收益為 4.81 美元，非 GAAP 每股收益為 6.84 美元，比上年增長 23%。

Semiconductor & System Design segment revenue was $3.8 billion driven by broad-based strength across all product groups and geographies. Software Integrity segment revenue was $394 million, up 10% over the prior year and exceeded our original plan. We expect to return to our 15% to 20% growth objective in 2022. In addition, following the investments and operational adjustments we made this past year, we expect to expand adjusted operating margin in 2022.

半導體和系統設計部門的收入為 38 億美元，這得益於所有產品組和地區的廣泛實力。軟件完整性部門的收入為 3.94 億美元，比上一年增長 10%，超出了我們最初的計劃。我們預計 2022 年將恢復到 15% 至 20% 的增長目標。此外，在過去一年進行的投資和運營調整之後，我們預計 2022 年調整後的營業利潤率將擴大。

Turning to cash. Operating cash flow for the year was a record $1.49 billion, reflecting our strong results and robust collections. We ended the year with cash and short-term investments of $1.58 billion and total debt of $100 million. During the year, we completed buybacks of $788 million or 56% of free cash flow.

轉向現金。今年的經營現金流達到創紀錄的 14.9 億美元，反映了我們強勁的業績和強勁的收款。我們以 15.8 億美元的現金和短期投資以及 1 億美元的總債務結束了這一年。年內，我們完成了 7.88 億美元或 56% 的自由現金流的回購。

Now to our targets. Based on our current assessment of the timing of hardware and IP deliveries, we expect Q1 to be our highest revenue quarter and roughly evenly split for the balance of the year. We expect an expense profile similar to that in revenue for Q2 through Q4. For fiscal year 2022, the full year targets are: revenue of $4.725 billion to $4.775 billion; total GAAP costs and expenses between $3.778 billion and $3.835 billion; total non-GAAP costs and expenses between $3.225 billion and $3.255 billion, resulting in a non-GAAP operating margin improvement of more than 100 basis points; non-GAAP tax rate of 18%; GAAP earnings of $5.39 to $5.65 per share; non-GAAP earnings of $7.73 to $7.80 per share, representing mid-teen growth despite a higher tax rate; cash flow from operations of $1.4 billion to $1.5 billion.

現在到我們的目標。根據我們目前對硬件和 IP 交付時間的評估，我們預計第一季度將是我們收入最高的季度，並且在今年餘下時間大致平均分配。我們預計第二季度至第四季度的支出概況與收入相似。對於 2022 財年，全年目標是：收入 47.25 億美元至 47.75 億美元； GAAP 總成本和費用在 37.78 億美元至 38.35 億美元之間；非 GAAP 總成本和費用在 32.25 億美元至 32.55 億美元之間，使非 GAAP 營業利潤率提高了 100 多個基點；非公認會計原則稅率為 18%； GAAP 每股收益為 5.39 至 5.65 美元；非 GAAP 每股收益為 7.73 美元至 7.80 美元，儘管稅率較高，但仍代表中期增長；運營現金流為 14 億至 15 億美元。

I'd like to offer some additional thoughts regarding the long-term tax rate assumption. Based on preliminary modeling, we believe the non-GAAP tax rate of 18% is potentially sustainable beyond 2022. However, given the uncertain outcome of tax reform, it is premature for us to confirm a longer-term tax rate at this time.

我想就長期稅率假設提供一些額外的想法。根據初步模型，我們認為 18% 的非公認會計原則稅率在 2022 年之後可能可持續。但是，鑑於稅制改革的不確定性，我們此時確定長期稅率還為時過早。

Now to the targets for the first quarter: revenue of $1.25 billion and $1.28 billion; total GAAP costs and expenses between $934 million and $964 million; total non-GAAP costs and expenses between $802 million and $812 million; GAAP earnings of $1.75 to $1.92 per share; and non-GAAP earnings of $2.35 to $2.40 per share. Our press release and financial supplement include additional targets and GAAP-to-non-GAAP reconciliations.

現在來看第一季度的目標：收入分別為 12.5 億美元和 12.8 億美元； GAAP 總成本和費用在 9.34 億美元至 9.64 億美元之間；非公認會計原則成本和費用總額在 8.02 億美元至 8.12 億美元之間； GAAP 每股收益為 1.75 至 1.92 美元；非公認會計原則每股收益為 2.35 至 2.40 美元。我們的新聞稿和財務補充包括其他目標和 GAAP 與非 GAAP 對賬。

Finally, we are raising our long-term financial objectives, all of which are on a multiyear basis, with the expectation that particular years will vary depending on the timing of deliverables and other commitments. Our goal is to deliver annual double-digit revenue growth and non-GAAP EPS growth in the mid-teens range, reflecting our continued focus on non-GAAP operating margin expansion of more than 100 basis points per year. In terms of product groups, our objective is to grow EDA revenue in the double digits, IP in the mid-teens and Software Integrity between 15% to 20%.

最後，我們正在提高我們的長期財務目標，所有這些目標都是以多年為基礎的，預計特定年份將根據可交付成果和其他承諾的時間而有所不同。我們的目標是實現每年兩位數的收入增長和非 GAAP 每股收益增長在十幾歲左右的範圍內，這反映了我們對非 GAAP 營業利潤率每年超過 100 個基點的持續關注。在產品組方面，我們的目標是使 EDA 收入實現兩位數增長，IP 在十幾歲左右，軟件完整性在 15% 到 20% 之間。

In summary, our record results this year are a testament to our strong execution, to our focus on investing for long-term scalability and shareholder value and to our commitment and ability to innovate to meet growing customer needs. This combination is driving a step-up to a new level of growth for us, and our raised long-term financial objectives reflect confidence in our ability to succeed.

總而言之，我們今年創紀錄的業績證明了我們強大的執行力，證明了我們專注於投資以實現長期可擴展性和股東價值，以及我們致力於創新以滿足不斷增長的客戶需求的能力。這種結合正在推動我們邁向新的增長水平，我們提高的長期財務目標反映了我們對成功能力的信心。

With that, I'll turn it over to the operator for questions.

有了這個，我會把它交給接線員提問。

(Operator Instructions) And our first question comes from Gal Munda.

（操作員說明）我們的第一個問題來自 Gal Munda。

The first one is just for Trac. When you look at the new long-term guidance that you're materially kind of upgrading, and I was wondering if you can help us understand, in comparison to the previous guidance that you had out there, what is making you confident to make those changes in terms of the long-term trends that you were talking about between the demand of the leading-edge customers versus kind of the systems and maybe specifically on trends that you're talking about, the electrification and the hyperscaler demand? And thus, which ones stand out for you as the biggest changes in what you expected previously?

第一個僅適用於 Trac。當您查看新的長期指南時，您正在實質性地升級，我想知道您是否可以幫助我們理解，與您之前的指南相比，是什麼讓您有信心做出這些你所說的前沿客戶的需求與系統類型之間的長期趨勢的變化，也許特別是你所說的趨勢，電氣化和超大規模的需求？因此，哪些對您來說是您之前預期的最大變化？

The question is very broad, and let me start from the inside to the outside. On the inside, we have a high degree of confidence because many of the investments that we've put in place over a number of years are really coming together well because the vision of where our field towards -- heading towards is actually moving along. And so this notion of transforming the world towards smart capabilities in every vertical market requires a whole set of technologies that we've been investing in.

這個問題很寬泛，讓我從內到外開始。在內部，我們有很高的信心，因為我們多年來進行的許多投資確實很好地結合在一起，因為我們的領域所朝著的方向 - 前進的願景實際上正在向前發展。因此，在每個垂直市場將世界轉變為智能能力的概念需要我們一直在投資的一整套技術。

And so be it in the area of design implementation, including the AI capabilities, be it in the verification and validation of entire systems, including the intersection of hardware and software but also in the deep investments in advanced technologies, in the overarching investments in quality of software and security, all of these trends are really manifesting themselves very actively. And we see it manifest itself in many collaborations and increased commitments of customers to us, as also witnessed in a strong backlog. And so right there, that gives us a sense for the coming year.

無論是在設計實施領域，包括人工智能能力，還是在整個系統的驗證和確認中，包括硬件和軟件的交叉點，還是在對先進技術的深度投資、對質量的總體投資中在軟件和安全方面，所有這些趨勢都非常積極地表現出來。我們看到它體現在許多合作和客戶對我們的更多承諾中，正如大量積壓所證明的那樣。所以就在那裡，這讓我們對來年有了一種感覺。

From the outside, it is very clearly visible that the semiconductor industry itself is doing well, not only because -- visible through some shortages that may be painful but illustrate how important semiconductors are, but because so many companies, including the ones you mentioned, hyperscalers, automotive companies, industrial companies, are all starting to invest in -- be it either architectures that contemplate the semiconductors or semiconductor development themselves. And so it's time where the alignment between our capabilities and the need of the market are very active.

從外部看，半導體行業本身的表現非常明顯，不僅因為——通過一些可能令人痛苦但說明半導體重要性的短缺可以看出，還因為有很多公司，包括你提到的那些，超大規模製造商、汽車公司、工業公司都開始投資——無論是考慮半導體的架構還是半導體開發本身。因此，我們的能力與市場需求之間的一致性非常活躍。

Gal, can I also add that operationally over the last few years, as we've increased operating margins by over 800 basis points, we have also been very active in investing in the business across all areas. And what you're seeing this year in terms of the overachievement really is a reflection of the momentum that we're seeing in the business. And that's what's giving us a lot of confidence operationally.

Gal，我能否補充一點，在過去幾年的運營中，隨著我們將營業利潤率提高了 800 多個基點，我們也非常積極地投資於各個領域的業務。你今年所看到的超額成就確實反映了我們在業務中看到的勢頭。這就是讓我們在操作上充滿信心的原因。

And while we raise -- we're raising our long-term growth objectives, we are simultaneously committing to driving margin expansion as well. So we really do believe there's going to be significant opportunities to create value over the long term.

在我們提高 - 我們正在提高我們的長期增長目標的同時，我們同時也致力於推動利潤率擴張。因此，我們確實相信，從長遠來看，將會有大量創造價值的機會。

Awesome. And maybe just carrying on from that comment, on the margin, if I kind of look at margins over the last few years, you have been very, very close to 50% incremental margins. Going forward, you kind of morph towards the low 40s implied. Does that imply potentially a bit of conservatism? Or is it just continued reinvestment in the business in order to achieve that growth that you are basically now guiding for?

驚人的。也許只是從那個評論開始，在利潤率上，如果我看一下過去幾年的利潤率，你的利潤率已經非常非常接近 50% 的增量。展望未來，你會向隱含的 40 多歲轉變。這是否意味著潛在的保守主義？還是只是繼續對業務進行再投資以實現您現在基本上指導的增長？

Yes. I would characterize it more as not providing a cap on margins. We do see opportunities for us to expand margins over time. And with this long-term financial model, we're giving you a little more clarity and specific details about how we're going to deliver mid-teens earnings growth over time. There's no change in sort of how we're approaching margins. We'll continue to drive it very actively.

是的。我將其描述為不提供利潤率上限。隨著時間的推移，我們確實看到了擴大利潤的機會。借助這種長期財務模型，我們將為您提供更清晰和具體的細節，說明我們將如何隨著時間的推移實現青少年收入增長。我們接近利潤的方式沒有變化。我們將繼續非常積極地推動它。

And now to Ashley McCurry from Wells Fargo.

現在來自富國銀行的 Ashley McCurry。

This is Ashley McCurry on for Gary Mobley. In terms of that $6.9 billion of ending backlog for Q4 metrics that you guys called out, is there anything else you -- any additional color you can give as far as the average license duration or any other color on that backlog metric in terms of mix?

這是加里·莫布利的阿什利·麥庫裡。就你們所說的 Q4 指標的 69 億美元結束積壓而言，您還有什麼其他的 - 就平均許可持續時間而言，您可以提供任何額外的顏色或該積壓指標上的任何其他顏色在混合方面?

Sure. The $6.9 billion, I would characterize it as twofold. One is really strong business momentum and very good growth in annual run rates for the business that we renewed this year. In addition, we also saw several large customers expand their commitments to us, and just really a reflection of their confidence in our product and technology that we're delivering. So very good, I think very good confidence in terms of establishing the growth rates for the next several years.

當然。 69 億美元，我將其描述為雙重的。一個是我們今年續籤的業務的強勁業務勢頭和非常好的年運行率增長。此外，我們還看到幾家大客戶擴大了對我們的承諾，這確實反映了他們對我們提供的產品和技術的信心。非常好，我認為在確定未來幾年的增長率方面很有信心。

And now to Joe Vruwink from Baird.

現在是 Baird 的 Joe Vruwink。

Great. Maybe I'll just pick up on the last point. With these renewals that are -- obviously seeing quite a bit of upsizing on renewal, what are customers typically engaging you on as they engage with you on the direction they want to take in product development? What are the key themes? And I guess how are they investing specifically in your product portfolio?

偉大的。也許我會接聽最後一點。隨著這些續訂——顯然在續訂方面看到了相當大的規模，客戶在與您就他們希望在產品開發中採取的方向進行互動時，通常會與您進行哪些互動？什麼是關鍵主題？我猜他們是如何專門投資你的產品組合的？

Well, it's actually quite broad because as an earlier question related to the people that in the past were not necessarily big customers, such as hyperscalers and automotive, these are people that fundamentally think down from the system, meaning they have big objectives to run big, complex software. And now they need more compute, more capacity, better throughput and all that. And all of that's still the same thing, which is advanced chips or combination of chips.

嗯，它實際上相當廣泛，因為作為一個較早的問題，與過去不一定是大客戶的人有關，例如超大規模和汽車，這些人從根本上從系統考慮，這意味著他們有很大的目標來做大, 複雜的軟件。現在他們需要更多的計算、更多的容量、更好的吞吐量等等。所有這些仍然是同一件事，即高級芯片或芯片組合。

And so they intersect with us mostly in 2 areas. One is, how can you predict how fast the system will run by actually running software on emulators or prototypes? And secondly, how can you actually make the actual chips then even faster by really implementing the latest state-of-the-art technology and optimizing your architecture for just the tasks that they want to do?

所以他們主要在兩個領域與我們相交。一是，您如何通過在模擬器或原型上實際運行軟件來預測系統的運行速度？其次，如何通過真正實施最新的最先進技術並針對他們想要執行的任務優化您的架構，從而真正使實際芯片變得更快？

And this is where the use of AI to the design flow becomes particularly interesting because very often, people start with chips that they already have, and then they move to a new node -- technology node. And simultaneously, they say, "Oh, let me optimize for a specific set of staff." And that optimization can largely be automated with our tools.

這就是在設計流程中使用人工智能變得特別有趣的地方，因為人們經常從他們已經擁有的芯片開始，然後他們轉移到一個新的節點——技術節點。同時，他們說，“哦，讓我針對一組特定的員工進行優化。”我們的工具可以在很大程度上實現優化自動化。

And so you see an acceleration everywhere, and acceleration has always been the name of the game in our field. And I would say those are sort of the 2 biggest drivers of our business.

所以你到處都能看到加速，加速一直是我們這個領域的遊戲名稱。我想說這些是我們業務的兩大驅動力。

And then since you brought up [the lumpiness in] hardware, I appreciate kind of the timing dynamic within guidance here in 1Q. I would imagine this investment cycle for the new generation of hardware that that's not going to be a 1-quarter phenomenon. The fact that kind of the guidance as it stands today just implies similar revenue 2Q through 4Q, what sort of delivery assumptions? Is there any -- maybe a bit of hedging on perhaps the ability to procure what you need to actually deliver the finished equipment? And could that potentially be a driver of upside as we get into the back half of the year?

然後，由於您提到了硬件方面的 [塊狀]，我很欣賞 1Q 指南中的時序動態。我可以想像新一代硬件的投資週期不會是一個季度的現象。事實上，目前的這種指導僅意味著第二季度到第四季度的收入相似，什麼樣的交付假設？是否有任何——也許是對購買實際交付成品設備所需的能力的一些對沖？隨著我們進入下半年，這可能會成為上漲的動力嗎？

I'll let Trac answer the financial side of your question. I think in general, our business is fairly regular, the exception of that being lumpiness in hardware, as you highlighted, but also sometimes in IP. And so these things come in clumps. And whereas right now, we're not looking at any major delivery issues, we are obviously very sensitive to all the supply chains, and we continue to check those well.

我會讓 Trac 回答您問題的財務方面。我認為總的來說，我們的業務是相當正常的，除了硬件方面的問題，正如你所強調的那樣，但有時在 IP 方面也是如此。所以這些東西成群結隊地出現。雖然現在，我們沒有考慮任何重大的交付問題，但我們顯然對所有供應鏈都非常敏感，我們會繼續檢查這些問題。

And so you can call it caution. At this point in time, we're planning on the basis of the numbers that we already have in hand. Trac, do you want to add to that?

所以你可以稱之為謹慎。在這個時間點，我們正在根據我們已經掌握的數字進行計劃。 Trac，你想補充一下嗎？

Two things I will add. One is we have visibility to the profile of hardware and IP, and that's just given the timing of deliveries. And this is just really the first time for us to give you specific guidance on that. And it just happened to be we've been seeing the momentum for IP and hardware build up as well as the rest of the business build up. And Q1 reflects the time of when they're actually pulling down the IP and when they want their hardware deliveries.

我要補充兩點。一是我們可以了解硬件和 IP 的概況，而這只是考慮到交付的時間。這真的是我們第一次在這方面給你具體的指導。碰巧的是，我們一直在看到 IP 和硬件的發展勢頭以及其他業務的發展。 Q1 反映了他們實際撤下 IP 的時間以及他們想要交付硬件的時間。

To your broader question, I would just say that the results in '21 and the outlook that we have for '22 really reflects strong momentum in both hardware and IP. We hit record -- we had record revenues for hardware in '21. And keep in mind, that is compared to a year in '20 where it was pretty significantly back-end loaded. And so for us, to grow on top of that is pretty significant. And then IP, as Aart mentioned earlier, it's a $1 billion business growing at 20%. So it's really showing really good momentum.

對於您更廣泛的問題，我只想說 21 年的結果和我們對 22 年的展望確實反映了硬件和 IP 的強勁勢頭。我們創下了紀錄——我們在 21 年的硬件收入創下了紀錄。請記住，這與 20 年的一年相比，後端負載非常顯著。所以對我們來說，在此基礎上成長非常重要。然後是 IP，正如 Aart 之前提到的，它是一項價值 10 億美元的業務，增長率為 20%。所以它真的表現出非常好的勢頭。

And now to Jackson Ader from JPMorgan.

現在來自摩根大通的傑克遜·阿德。

Trac, I don't know if anybody has offered congratulations yet from our side, so yes, congratulations on your retirement. You'll be missed, but at least you're sticking around for a little while.

Trac，我不知道是否有人向我們表示祝賀，所以是的，祝賀你退休。你會被想念，但至少你會堅持一段時間。

Thanks, Jackson.

謝謝，傑克遜。

I am actually going to do my best Jay Vleeschhouwer impersonation here with a multipart question. So on the double-digit growth in EDA, I'm just curious, what EDA market growth is assumed in that double digits? And are you planning on taking share?

實際上，我將在這裡用一個多部分的問題來盡我最大的努力模仿 Jay Vleeschhouwer。所以關於 EDA 的兩位數增長，我只是好奇，假設 EDA 市場在兩位數增長中是什麼？你打算分享嗎？

And then -- and second, what particular facets of the core EDA -- or whether you want to break it out of front end versus back end or Fusion or hardware or software, how do you want to break out, like what facets of core EDA do you expect to maybe outgrow others?

然後 - 第二，核心 EDA 的哪些特定方面 - 或者您是否想將其從前端與後端或 Fusion 或硬件或軟件中分離出來，您希望如何突破，例如核心的哪些方面你認為 EDA 可能會超過其他人嗎？

Okay. Well, let's start with your overall question. It's hard to predict how well others will do, and in many ways, we do well when the entire industry does well. But we do have so many positions where many of our technologies are extremely competitive at this point in time. And it is a point in time where a number of customers are looking to line up with suppliers that they trust over a longer haul because they clearly see that the advances that are happening right now and coming demand a lot of technology and a lot of support.

好的。好吧，讓我們從你的整體問題開始。很難預測其他人會做得如何，而且在很多方面，當整個行業都做得很好時，我們也會做得很好。但我們確實有很多職位，我們的許多技術在這個時候都極具競爭力。這是一個時間點，許多客戶希望與他們長期信任的供應商合作，因為他們清楚地看到現在和未來正在發生的進步需要大量技術和大量支持.

Now you mentioned Fusion, and I'm glad you did because as you well know, this is an area that we have invested in for many, many years with the concept being that instead of running successions of independent tools, having multiple tools essentially collaborate, if I can use that term, to get to a better result was the essence of Fusion.

現在你提到了 Fusion，我很高興你這樣做了，因為眾所周知，這是我們多年來一直投資的領域，其理念是讓多個工具本質上協作，而不是運行連續的獨立工具，如果我可以用這個詞，獲得更好的結果是融合的本質。

And Fusion is working very well and, as we mentioned in the preamble, growing very well. But it's doubly meaningful because Fusion is also a key ingredient in now layering on top of that this notion of artificially driving autonomous design flows. And the fact that we can access many, many different technologies inside of Fusion to have an AI algorithm learn and get better results has basically been just astoundingly exciting to see.

Fusion 運行良好，正如我們在序言中提到的，發展非常好。但它具有雙重意義，因為融合也是現在在人工驅動自主設計流程的概念之上分層的關鍵要素。事實上，我們可以訪問 Fusion 內部的許多不同技術來讓 AI 算法學習並獲得更好的結果，這一事實基本上令人驚訝地令人興奮。

And in many ways, to me, it feels like literally the early days of Synopsys where at that time synthesis was almost like a miracle. Well, it was not a miracle. It was a lot of hard work, but it was capabilities a computer had that exceeded what a human can do. And we see exactly the same here. So I expect that this will be an area that brings many of what -- the things that we have together to drive things forward.

在很多方面，對我來說，感覺就像 Synopsys 的早期階段，當時合成幾乎就像一個奇蹟。好吧，這不是奇蹟。這是一項艱鉅的工作，但計算機的能力卻超出了人類的能力。我們在這裡看到的完全一樣。所以我希望這將是一個帶來許多東西的領域——我們共同推動事物向前發展的東西。

Now not to repeat too much what I said earlier, the other half of that equation is, what are the chips for? And the chips are fundamentally for executing tasks given by a system that runs software. And so the desire to make that software run faster is unstoppable. Well, one way to do that is to say, well, what if we designed the system, the hardware system just for certain types of software? And that is what everybody is doing right now. They're essentially creating new architectures for specific applications that then can run blindingly fast.

現在不要過多重複我之前所說的，等式的另一半是，芯片是做什麼用的？這些芯片基本上是用於執行由運行軟件的系統提供的任務。因此，讓該軟件運行得更快的願望是不可阻擋的。好吧，這樣做的一種方法是說，如果我們設計系統，硬件系統只是為某些類型的軟件設計呢？這就是現在每個人都在做的事情。他們本質上是為特定應用程序創建新架構，然後可以快速運行。

And so the intersection between the application and the hardware is therefore a place where one needs to be able to predict how good the results will be. And that is what all these efforts have been in the prototyping, the emulation and so on.

因此，應用程序和硬件之間的交集是一個需要能夠預測結果有多好的地方。這就是所有這些努力在原型設計、仿真等方面所做的。

Now the third area I want to mention, and I understand it's slightly adjacent to EDA, although I would look at it as EDA surrounds it, is IP. And one of the great accelerators in the history of design has been to have more and more accomplished IP blocks that have enormous functionality in the most advanced silicon technologies, which are difficult to build.

現在我要提到的第三個領域，我理解它與 EDA 稍微相鄰，儘管我會認為它是 EDA 圍繞它的，是 IP。設計史上最偉大的加速器之一就是擁有越來越多成熟的 IP 塊，這些塊在最先進的矽技術中具有巨大的功能，而這些技術很難構建。

And so the combination of those things is what gives us a sense that for the coming years, we're in a very strong position. And by the way, we are applying that same AI that I mentioned before also to our IP blocks. So there's an integration of the whole solution space.

所以這些東西的結合讓我們感覺到，在未來的幾年裡，我們處於非常有利的位置。順便說一句，我們正在將我之前提到的相同人工智能應用到我們的 IP 塊中。所以有一個整個解決方案空間的集成。

And now to the line of Jason Celino of KeyBanc.

現在到 KeyBanc 的 Jason Celino 的線路。

Great. And Trac, looking forward to working with you for maybe a couple more quarters. So my first question, and this is more of a clarification because double digits can mean a lot of things. But just calculating it out here, EDA is growing at least double digits, IP in the mid-teens and at least mid-teens SIG growth, this implies really low double-digit kind of growth framework. Is that a fair assessment?

偉大的。 Trac，期待與您再合作幾個季度。所以我的第一個問題，這更像是一個澄清，因為兩位數可能意味著很多事情。但只是在這裡計算一下，EDA 至少在增長兩位數，IP 在十幾歲左右，SIG 至少在十幾歲左右增長，這意味著非常低的兩位數增長框架。這是一個公平的評價嗎？

It depends on how you're looking at IP, Jason. Just keep in mind that the -- in our supplement, we -- the IP and systems line includes other businesses as well. But overall, the segments -- I think the segments, you're spot-on with regards to segment growth.

傑森，這取決於你如何看待 IP。請記住，在我們的補充文件中，我們的 IP 和系統線還包括其他業務。但總的來說，這些細分市場——我認為這些細分市場，你在細分市場增長方面是正確的。

Okay. Perfect. And then maybe just a clarification on Joe's earlier question on Q1. Q1 is typically the lowest revenue quarter on an absolute basis for EDA and across a lot of industries and software. As it relates to the hardware deliveries and the IP deliveries concentrated in this quarter, is it these customers pushing out or maybe possibly pulling forward some of their deliveries?

好的。完美的。然後也許只是對喬在第一季度的早期問題的澄清。對於 EDA 以及許多行業和軟件而言，第一季度通常是絕對收入最低的季度。由於它與本季度集中的硬件交付和 IP 交付有關，這些客戶是在推出還是可能會推遲他們的一些交付？

Yes, certainly. There wasn't really anything unusual about it either from our ability to fulfill or the customer pushing or pulling it in. It's really just the timing of how things match up. And from a seasonality perspective, we typically don't see much seasonality. Over the last couple of years, Q4 and the back half has been -- the business has been more back-end loaded particularly in Q4. This year, other than the -- an unusually strong Q1, the first half/second half profile is pretty even. It's like a 51-49 split, in line with what we've seen in the past in terms of the balance.

是的，當然了。無論是我們的履行能力還是客戶推動或拉動它，這並沒有什麼不尋常的地方。這實際上只是事情如何匹配的時機。從季節性的角度來看，我們通常看不到太多的季節性。在過去的幾年裡，第四季度和後半部分一直是——業務的後端負載更多，尤其是在第四季度。今年，除了——異常強勁的第一季度外，上半年/下半年的走勢相當平穩。這就像一個 51-49 的分裂，與我們過去在平衡方面看到的一致。

So it's -- other than the Q1, which is a reflection of normal standard timing of demand, it's actually a pretty good profile for the year. I think it's certainly a better risk profile than we've seen in the last couple of years.

所以它 - 除了第一季度反映正常的標準需求時間之外，它實際上是今年的一個相當不錯的概況。我認為這肯定是比我們在過去幾年看到的更好的風險狀況。

And now to Jay Vleeschhouwer from Griffin Securities.

現在是格里芬證券的傑伊·弗萊施豪爾。

Aart, with respect to the -- and Trac, with respect to the enlarged growth expectations, you referred to a number of the internal investments that you've made over the last number of years that have gotten you to this point. The question is, how are you thinking incrementally about investment priorities or initiatives?

Aart，關於 - 和 Trac，關於擴大的增長預期，您提到了您在過去幾年中所做的一些內部投資，這些投資使您達到了這一點。問題是，您如何逐步考慮投資優先事項或計劃？

For example, when we look at some of the things you appear to have been investing in, there's been a substantial increase in your AE investments in support of your customers' deployment requirements. Your SIG software consulting seems to be increasing. And at the purely technical level, you appear to have been increasing substantially in areas like synthesis and custom. So perhaps you could comment on those or any other priorities that you feel that you need to invest in incrementally to sustain the growth which you are speaking of or expecting for the next number of years.

例如，當我們查看您似乎一直在投資的一些東西時，您的 AE 投資顯著增加，以支持客戶的部署要求。您的 SIG 軟件諮詢似乎在增加。而在純粹的技術層面上，你在合成和定制等領域似乎一直在大幅增加。因此，也許您可以評論那些您認為需要逐步投資以維持您所說或預期未來幾年的增長的優先事項或任何其他優先事項。

Excellent question, and your question had some of the answers in it. You mentioned essentially support and consulting. And I would put those together, which is that no matter what the business -- how the business grows, some of that grows with it. But on top of that, there is an additional benefit of using our consulting, which is that we bring skills that a number of our customers have a difficulty getting themselves or growing themselves. And if these skills can be used to actually help them reduce their time, delay until the chips are done, that is of extremely high value. So that will continue.

很好的問題，你的問題有一些答案。您基本上提到了支持和諮詢。我會把這些放在一起，這就是無論業務如何 - 業務如何增長，其中一些都會隨之增長。但最重要的是，使用我們的諮詢服務還有一個額外的好處，那就是我們帶來了許多客戶難以獲得或自我成長的技能。而如果這些技能真的可以用來幫助他們減少時間，延遲到芯片完成，那是非常有價值的。所以這將繼續。

You mentioned synthesis and custom. And of course, synthesis was our very first product. So after 34 years, we're still investing in that because there's still upside except that synthesis is now more and more called super AI, right? That's the new version of this. Custom is an area that we have invested in for quite a while and actually has done well this year and continues to grow in an excellent fashion. So good area.

你提到了合成和定制。當然，合成是我們的第一個產品。所以 34 年後，我們仍然在投資，因為除了合成現在越來越多地被稱為超級 AI 之外，還有其他好處，對吧？這就是這個的新版本。定制是我們投資了很長時間的一個領域，實際上今年做得很好，並且繼續以極好的方式發展。那麼好的地區。

There's 2 that you didn't mention. One is 3DIC, which is the ability to bring together very, very tightly, extremely complex chips, and that will grow as the hunger for more transistors will be unabatable. And lastly, SLM, Silicon Lifecycle Management. This is a new area for us. We have invested in it both organically and through some acquisitions. And it's particularly interesting because the notion of putting inside of chips the sensors that then can essentially diagnose if the chip is still healthy grows in importance as systems become more complex and as systems go into applications that could be human-endangering, such as autonomous driving car, for example.

有2個你沒有提到。一個是 3DIC，它能夠將非常、非常緊密、極其複雜的芯片組合在一起，並且隨著對更多晶體管的需求將無法減弱，這種能力將會增長。最後是 SLM，即矽生命週期管理。這對我們來說是一個新領域。我們已經有機地和通過一些收購對其進行了投資。它特別有趣，因為隨著系統變得更加複雜以及系統進入可能危及人類的應用，例如自動駕駛，將傳感器放入芯片內部，然後可以從本質上診斷芯片是否仍然健康的概念變得越來越重要以汽車為例。

And so this is an area that's finding a lot of interest where we are making very rapid advances. And with the sensors that we put inside of the chips, we've also put some AI inside of the chip and some AI outside so that one can learn from chips over their life cycle. So this will take a little bit of time until it's really embedded in broad adoption, but it is extremely powerful capability that we're very excited about.

因此，這是一個引起人們極大興趣的領域，我們正在取得非常快速的進展。通過我們放置在芯片內部的傳感器，我們還在芯片內部放置了一些人工智能，在外部放置了一些人工智能，這樣人們就可以在芯片的整個生命週期中從芯片中學習。所以這需要一點時間才能真正被廣泛採用，但它是一種非常強大的功能，我們對此感到非常興奮。

And Jay, another way that you might look at the investments are we are doing really well across the board. We're not looking at areas in the business that is problematic or that requires massive investments. So we're in a situation over the next few years where we're able to thoughtfully and very targetedly, across the broad portfolio, invest. And you're going to see continued improvements across all of the business as a result of that.

傑伊，另一種看待投資的方式是，我們在各個方面都做得很好。我們不關注業務中存在問題或需要大量投資的領域。因此，在接下來的幾年裡，我們處於一種情況，我們能夠在廣泛的投資組合中進行深思熟慮和非常有針對性的投資。因此，您將看到所有業務的持續改進。

And now to the line of Vivek Arya from the Bank of America Securities.

現在是美國銀行證券公司的 Vivek Arya。

Congratulations and best wishes to Trac from my side as well. For my first question, you mentioned the acceleration of trends. But when you look at the outlook for EDA growth of double digits, it's about the same as what you did last year. So my question is, why shouldn't EDA also accelerate?

我也向 Trac 表示祝賀和最良好的祝愿。對於我的第一個問題，您提到了趨勢的加速。但是，當您查看 EDA 兩位數增長的前景時，它與您去年所做的大致相同。所以我的問題是，為什麼 EDA 不應該也加速？

And if that's going to stay at the 10% and more incremental growth comes from IP and SIG, are they more or less predictable segments than your EDA business? So yes, the overall business is accelerating, but is the growth coming from perhaps less predictable segments?

如果這將保持在 10% 並且更多的增量增長來自 IP 和 SIG，那麼與您的 EDA 業務相比，它們是否或多或少是可預測的細分市場？所以，是的，整體業務正在加速，但增長是否來自可能不太可預測的細分市場？

Let me start with the numbers, and then Aart can provide some color on the context. Vivek, just for a broader view of it, historically, we've talked about EDA growth in the high single digits. And that actually was an increase in our model from several years ago when we described it as a medium -- a mid- to high single-digit growth business for us. When we describe it as double digits, we really do see it as a multiyear, not just 1 year or a 1-year effort, but we do see it as a multiyear opportunity to grow in the double digits.

讓我從數字開始，然後 Aart 可以在上下文中提供一些顏色。 Vivek，只是為了更廣泛地看待它，從歷史上看，我們已經討論過 EDA 的高個位數增長。這實際上是我們的模型比幾年前的增長，當時我們將其描述為中等 - 對我們來說是中高個位數增長業務。當我們將其描述為兩位數時，我們確實將其視為多年，而不僅僅是 1 年或 1 年的努力，但我們確實將其視為以兩位數增長的多年機會。

So that's a pretty substantial and substantive increase for us to describe that going from high single digits to double digits over an extended period of time. And really, it reflects the confidence in the portfolio, the various pieces of the portfolio that contributes to EDA growth.

因此，對於我們來說，在很長一段時間內從高個位數變為兩位數，這是一個相當大的實質性增長。實際上，它反映了對投資組合的信心，投資組合中有助於 EDA 增長的各個部分。

Yes, I would second that. I think it is a gradual increase of the importance of what we do but also of the breadth of the capabilities that we offer. And so we do see this as a multiyear opportunity. And I'm certainly on record to having said many times that the moment that AI starts to have impact in verticals, the hunger from the vertical down for more silicon will be unstoppable. And so from that perspective, we are at the right place at the right time with a lot of the very capabilities that will help our customers differentiate themselves.

是的，我會贊同這一點。我認為這是我們所做工作的重要性以及我們提供的能力範圍的逐漸增加。所以我們確實認為這是一個多年的機會。我當然已經多次說過，一旦人工智能開始在垂直領域產生影響，垂直領域對更多芯片的渴望將是不可阻擋的。因此，從這個角度來看，我們在正確的時間出現在正確的地點，擁有許多可以幫助我們的客戶脫穎而出的能力。

So our expectations are high. We know that delivering is always hard work. But as Trac said, our overall direction has continued to improve over the last years in terms of the guidance we're giving you.

所以我們的期望很高。我們知道交付始終是一項艱苦的工作。但正如 Trac 所說，就我們為您提供的指導而言，我們的總體方向在過去幾年中不斷改進。

Got it. And for my follow-up, we have seen ASP expansion, price appreciation in other parts of the semiconductor market. So foundries are raising prices across the board, for example. I'm curious, is that a positive or negative or neutral for your business?

知道了。在我的後續行動中，我們看到了半導體市場其他部分的 ASP 擴張和價格上漲。例如，代工廠正在全面提高價格。我很好奇，這對您的業務是積極的、消極的還是中性的？

So first, are you also able to raise prices right? Or the other extreme is, if, let's say, your customers are having to pay higher prices for more advanced nodes, does it make them more careful about the adoption of more advanced nodes across their product base? So I'm just curious to get your perspective. And what does cost inflation of the other parts of the semiconductor ecosystem does to your pricing and growth opportunity, if any?

那麼首先，你也能提高價格嗎？或者另一個極端是，假設您的客戶不得不為更高級的節點支付更高的價格，這是否會讓他們更加謹慎地在其產品基礎上採用更高級的節點？所以我只是想知道你的觀點。半導體生態系統其他部分的成本膨脹對您的定價和增長機會有什麼影響（如果有的話）？

Sure. Well, for sure, I believe that as the semiconductor industry is doing better and better, we certainly are close to them, and that is a positive for us. When you say, well, some of the new technologies become more expensive, that is true, they also deliver a lot more capabilities. And because they are more expensive, you need to be really careful how you design with these. And this is exactly where I think our role increases in importance, doesn't decrease.

當然。好吧，當然，我相信隨著半導體行業的發展越來越好，我們肯定會接近他們，這對我們來說是積極的。當你說，好吧，一些新技術變得更加昂貴，這是真的，它們也提供了更多的功能。而且由於它們更昂貴，因此您需要非常小心如何使用它們進行設計。這正是我認為我們的角色重要性增加而不是減少的地方。

And so while we have multiyear contracts with our customers, that is certainly an opportunity to gradually feather up as we deliver more value to this entire industry, that in itself is so seminal in what all the verticals will be able to do over the years to come. So I see that as a positive.

因此，雖然我們與客戶簽訂了多年合同，但隨著我們為整個行業提供更多價值，這無疑是一個逐漸發展壯大的機會，這本身就是所有垂直行業多年來能夠做的事情，具有開創性意義來。所以我認為這是積極的。

I know that some of the point increases in pricing are just -- have to do with shortages. These will go away over time. That's not what builds value. What builds value is that semiconductors are clearly and visibly so more important to the future than they were perceived in the past. And that is a good thing.

我知道定價的某些點增加只是 - 與短缺有關。這些會隨著時間的推移而消失。這不是創造價值的東西。創造價值的是，與過去相比，半導體對未來的重要性顯而易見。這是一件好事。

And now to Pradeep Ramani from UBS.

現在來自瑞銀的 Pradeep Ramani。

Congratulations on the guide. I have 2 questions. So the first one was on the magnitude of shift or the timing impact for -- if you would call it, on IP and hardware. I mean how much did it shift from what would have been a normalized view of the quarter?

恭喜導遊。我有 2 個問題。所以第一個是關於轉變的幅度或時間影響——如果你願意的話，是關於 IP 和硬件的。我的意思是它與本季度的正常化視圖有多大變化？

And then as a follow-up, I guess when I look at such a big pop in the backlog, would you -- and then superimpose it against your commentary, I mean it feels like that the year is going to be very strong. But would you characterize the backlog as being potentially higher or lower at the end of 2022? I mean how should we think about the trajectory of the backlog during the course of the year as well?

然後作為後續行動，我想當我在積壓中看到如此大的流行時，你會不會 - 然後將它疊加到你的評論中，我的意思是感覺這一年將會非常強大。但是，您是否會將積壓的訂單描述為到 2022 年底可能更高或更低？我的意思是，我們應該如何看待一年中積壓的軌跡？

Okay. Let me start with your first question. I -- Pradeep, there really was no shift in IP or hardware. And keep in mind that this is the third year that we're operating under the new 606 rules for revenue. And IP gets recognized as revenue when our customers draw down that IP from our website.

好的。讓我從你的第一個問題開始。我——Pradeep，IP 或硬件確實沒有變化。請記住，這是我們根據新的 606 收入規則運營的第三年。當我們的客戶從我們的網站上提取 IP 時，IP 就會被確認為收入。

The timing of IP and hardware really reflects when they want those shipments and when they want that IP. And that hasn't shifted from 1 quarter to another. That just happens to be when it matches up their development schedules. And so there's really no normalized profile of that. And that's why we kind of -- we often refer to it as being very lumpy.

IP 和硬件的時間安排真正反映了他們何時需要這些出貨量以及何時需要該 IP。這並沒有從一個季度轉移到另一個季度。這恰好是當它與他們的開發計劃相匹配時。所以真的沒有標準化的配置文件。這就是為什麼我們有點——我們經常把它稱為非常粗糙。

With regards to backlog, the $6.9 billion of backlog, we don't guide on what the projections are going forward. But as we said, that quarter-to-quarter, it will vary. In Q4, we saw strong growth in run rate on the deals that we booked, and we also saw significant -- several large significant renewals. The duration during the quarter was a little bit longer than 3 years, but overall, our overall model is about 3 years. This $6.9 billion reflects a convergence of strong bookings and then several large renewals.

關於積壓，69 億美元的積壓，我們不指導未來的預測。但正如我們所說，每個季度都會有所不同。在第四季度，我們看到我們預訂的交易的運行率強勁增長，而且我們也看到了顯著的 - 幾個重大的續約。本季度的持續時間略長於 3 年，但總體而言，我們的整體模型約為 3 年。這 69 億美元反映了強勁預訂和幾次大續訂的融合。

And now to Charles Shi from Needham.

現在從Needham 到Charles Shi。

I really want to go back to the backlog and the renewable contract duration. I noticed you did take down the number -- I mean, the year of average contract lands up around your supplement. But you just said that the duration seems to be a little bit longer than 3 years. Obviously, I understand maybe a few large -- very large contracts could skew that number.

我真的很想回到積壓和可續籤的合同期限。我注意到你確實記下了這個數字——我的意思是，平均合同年落在你的補充上。但是你剛才說持續時間似乎比3年長一點。顯然，我理解也許一些大的——非常大的合同可能會扭曲這個數字。

However, I want to ask you because -- since you mentioned your customers are expanding commitment with you, which partly resulted in the high backlog number. I wondered, is that like a long-term trend that the contract duration is going to be north of 3 years going forward? Or this is just maybe a 1-quarter phenomenon, and they will maybe go back to somewhere between 2 to 3 years?

但是，我想問你是因為 - 因為你提到你的客戶正在擴大對你的承諾，這部分導致了高積壓數量。我想知道，這是否是一種長期趨勢，合同期限將在未來 3 年以北？或者這可能只是一個季度的現象，它們可能會回到 2 到 3 年之間的某個地方？

Yes. Let me start with our business continues to be a 3-year duration-type business, and that hasn't changed. On any given quarter, might run a little lower or higher depending on what the specific customer requirements are. But as we've seen, if you look at our history, it tends to trend around that 3-year range.

是的。讓我從我們的業務開始，它仍然是一個 3 年期限型業務，並且沒有改變。在任何給定的季度，可能會根據特定客戶的要求運行得更低或更高。但正如我們所看到的，如果你看看我們的歷史，它往往會在 3 年的範圍內形成趨勢。

With regards to the expanded commitment, it is dollar size, it is the breadth of the products that they are purchasing, and in this case, in Q4, some of these deals, the length of the deal. But they are -- that's not typically the norm, and we don't necessarily see our business growing in terms of duration.

關於擴大的承諾，它是美元規模，是他們購買的產品的廣度，在這種情況下，在第四季度，其中一些交易是交易的長度。但它們是——這通常不是常態，而且我們不一定看到我們的業務在持續時間方面有所增長。

So maybe the next question, I want to ask a little bit longer term. In terms of EDA and with regards to DSO.ai, you guys mentioned that DSO.ai can deliver results faster than human beings. I tried to understand EDA, you guys said it largely tracks the industry R&D spend. But if you say the use of AI can get results faster than human beings, I could imagine maybe you can go ask your customers, "Hey, my product can really do things faster than human beings. Maybe the fixed R&D budget, you should allocate more to EDA tools." Maybe that will change the trajectory of EDA growth. Maybe the high percentage can go -- R&D expenses can go into EDA. Is that the right way to think about, I mean, in terms of the impact of a DSO.ai going a little bit longer term?

所以也許下一個問題，我想問一個更長期的問題。在EDA和DSO.ai方面，你們提到DSO.ai可以比人類更快地交付結果。我試圖了解 EDA，你們說它主要跟踪行業的研發支出。但是如果你說使用人工智能可以比人類更快地得到結果，我可以想像你可以去問你的客戶，“嘿，我的產品真的可以比人類更快地做事。也許固定的研發預算，你應該分配更多關於 EDA 工具。”也許這會改變 EDA 的增長軌跡。也許高比例可以去 - 研發費用可以進入 EDA。我的意思是，就 DSO.ai 的長期影響而言，這是正確的思考方式嗎？

Oh, it's absolutely a good way to think about it because for every major advance, we will make exactly the argument that you make, which is, "Hey, use our tools. You will be better off." At the same time, many of our customers say, "Yes, that's great because now I'm going to use the engineering time that I save to become even more competitive against my competition." And this is a normal phenomenon in our field, which is a constant acceleration of how quick the race is run. And these accelerations invariably happen when there are great opportunities.

哦，這絕對是一個很好的思考方式，因為對於每一個重大進展，我們都會準確地提出你提出的論點，即“嘿，使用我們的工具。你會過得更好。”同時，我們的許多客戶說：“是的，這很好，因為現在我將利用我節省的工程時間，在競爭中變得更有競爭力。”這在我們這個領域是很正常的現象，就是不斷加速比賽的速度。當有很大的機會時，這些加速總是會發生。

And so we saw that definitely in the early days of computation and the networking, the mobility wave, the race was on for faster chips, lower-power chips. And now I think the race is absolutely on for share of computation, share of AI and so on. And so our customers see a very positive future, but they understand perfectly well that their competitors see it, too, and therefore, the race is on again.

所以我們看到，在計算和網絡、移動浪潮的早期，我們確實看到了更快芯片、更低功耗芯片的競爭。現在我認為競爭絕對是計算份額，人工智能份額等等。因此，我們的客戶看到了一個非常積極的未來，但他們非常清楚他們的競爭對手也看到了它，因此，比賽又開始了。

Be that as it may, the fact that we have sometimes discontinuous advances, these are great opportunity moments for -- from a competitive point of view for us, for a differentiation point of view for our customers. And so we will absolutely try to do as much as possible what you suggest. And this is one of the reasons why we have a positive confidence also in the coming not just year but years.

儘管如此，事實上我們有時會取得不連續的進步，這些都是絕佳的機會時刻——從我們的競爭角度來看，從我們客戶的差異化角度來看。因此，我們絕對會盡量按照您的建議去做。這也是為什麼我們對未來不僅充滿信心，而且對未來充滿信心的原因之一。

And that does conclude our portion of the Q&A with the time. Would you like to have any closing remarks?

隨著時間的推移，這確實結束了我們的問答部分。您想發表一些結束語嗎？

Sure. First, I would like to thank all of you for having supported and interacting with us during this past year. The interaction, of course, is very COVID-limited, but at the same time, we hope that you had all the information that you needed from us and the access.

當然。首先，我要感謝大家在過去一年中對我們的支持和互動。當然，這種互動非常受 COVID-19 限制，但同時，我們希望您從我們這裡獲得所需的所有信息和訪問權限。

Secondly, we also thank you because this was a very strong year for us. And we all know that at a time like this, this is important and our outlook is solid as well.

其次，我們也感謝你們，因為這對我們來說是非常強勁的一年。我們都知道，在這樣的時刻，這很重要，我們的前景也很穩固。

And lastly, I hope for all of you that you remain healthy with your families and your friends. We all know that this story is unfortunately not over yet. And so we'll do our best to deliver against your expectations. Be well

最後，我希望你們所有人都與家人和朋友保持健康。我們都知道，不幸的是，這個故事還沒有結束。因此，我們將盡最大努力滿足您的期望。好起來

(technical difficulty)

（技術難度）